May: A good month for US, Turkish, Asian Scrap Markets

UNITED STATES May 18 2017 10:42 PM

NEW YORK (Scrap Register): Sentiment in the US Scrap market is positive for May. The Trump ad-ministration seems to have put in a solid base for continued growth of the commodities sector, according to The Steel Index.

This, along with the Turkish market firming up, and demand improving, means most are expecting to see prices rise during the May buy week, or at worst move sideways.

Sentiment for scrap prices in most markets has been rather bullish for May. The start of May has already seen a huge volume of trading into Turkey, and with the political situation in the country seeming settled, many people expect to see prices continue to firm.

The Taiwanese and Asia markets have taken a battering, with the rumors of Chinese scrap exports responsible for a large part of this. Some have expressed doubts however on the validity of these rumors, or if the exports will be in a large enough volume to matter.

The 40% tariff levied on exports by the Chinese Government is certainly a huge hurdle to anyone who is looking to bring material out of the country. Being China however, no-one is quite sure how this one will play out.